Phoenix Real Estate in Limbo

After watching several HUD homes pop onto the market the past few days – HUD homes are another version of foreclosures, FHA loans gone bad – I thought I’d check out the overall inventory.

Limbo Rock immediately came to mind.

As of a few minutes ago, there are 11,516 single-family detached homes for sale in Maricopa County.

That’s it.

Total active residential listings of any kind, anywhere in Maricopa County? 14,784.

Total active residential listings of any kind, anywhere in the state in the Arizona Regional MLS? 17,750.

Just for fun – total active residential listings of any kind anywhere in Maricopa County, excluding phony foreclosure listings generated by Notices of Trustee’s Sales, listed on Trulia? 21,546. Include the phony foreclosure listings and the numbers just over 51,000. And on Zillow? 53,923.

(I must be missing the disclaimers that say the listings are subject to a 500% margin of error. But don’t worry, most data errors are strictly on the part of the agents providing the information¬†as opposed to systemic problems.)

Where was I? Oh yes, Limbo Rock. As in how low can we go … how low can we go …

With a day left in the month, there have been just over 4,000 sales of single family detached homes in Maricopa County – that puts us at just under three months of inventory at current pace, though keep in mind January sales numbers usually are the lowest of the year because of the December holidays.

If you haven’t noticed how difficult it is to get an offer through these days, you will. If you’re still on the fence, it might be time to consider hopping off.

Oh, and one last note for those who noticed the latest gloom and doom on the housing market:

Phoenix, one of the hardest hit metro areas in the country, was the only place to record a gain in November. Prices there rose 0.6% month-over-month but are down 3.6% from a year ago.

Get ready, folks … 2012 is going to be an interesting ride.

Photo credit: Endlisnis via Flickr Creative Commons

 

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

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